Download Zipped Introduced WP 9 SB0206.ZIP
[Status][Bill Documents][Fiscal Note][Bills Directory]

S.B. 206

             1     

VEHICLE SALE AND SECURITY INTEREST

             2     
AMENDMENTS

             3     
2003 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Sponsor: David H. Steele

             6      This act modifies the Motor Vehicles Code by defining terminal rental adjustment clause
             7      and providing that a motor vehicle or trailer lease agreement that is subject to a terminal
             8      rental adjustment clause does not create a sale or security interest.
             9      This act affects sections of Utah Code Annotated 1953 as follows:
             10      ENACTS:
             11          41-1a-609, Utah Code Annotated 1953
             12      Be it enacted by the Legislature of the state of Utah:
             13          Section 1. Section 41-1a-609 is enacted to read:
             14          41-1a-609. Terminal rental adjustment clauses.
             15          (1) As used in this section, "terminal rental adjustment clause" means a provision of an
             16      agreement that permits or requires the rental price to be adjusted upward or downward by
             17      reference to the amount realized by the lessor under the agreement upon sale or other
             18      disposition of the property.
             19          (2) Notwithstanding any other provision of law, a motor vehicle or trailer lease
             20      agreement that is subject to a terminal rental adjustment clause does not create a sale or
             21      security interest.
             22          (3) The provisions of this section do not affect the rights and obligations of a valid
             23      security interest under this chapter.





Legislative Review Note
    as of 2-17-03 12:00 PM


A limited legal review of this legislation raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel


[Bill Documents][Bills Directory]